Gifts of Cash - Gifts of cash are fully deductible up to 50% of your adjusted gross income in the year of the gift. Any excess can be carried forward and deducted over as many as five subsequent years.
Gifts of Stock - A gift of appreciated stock owned one year or longer generally offers two benefits: You receive and income tax deduction for the fair market value of the stock, and you avoid paying capital gains tax.
IRA'S and Pension Plans - Your estate can save both income taxes and estate taxes if you make your individual retirement account, pension, 401(k) or other retirement savings plan.
Real Estate Gifts - Tax benefits for gifts of appreciate real estate are virtually identical to those for gifts of appreciated securities. Real property such as personal residences, undeveloped land, or farms may be transferred by deed with no liability for income or estate taxes on the appreciated value. Discuss your wishes with us before making your gift.
Life Insurance - A tax-deductible gift of whole or universal life insurance can be made by naming Charlotte-Mecklenburg Senior Games as owner and beneficiary. You could purchase a new policy that you currently own but no longer need. Check with your insurance agent for the details.
Bequests - Name Charlotte-Mecklenburg Senior Games in your will in any one of a number simple ways. An outright gift, either a designated dollar amount or percentage of you estate, could be specified. Charlotte-Mecklenburg Senior Games could also be named as a remainder beneficiary to receive funds only after specific sums have been paid to individual beneficiaries. You can easily add us to your will through an amendment to your will called a codicil.
Converting Assests Into Income
Charitable Gift Annuities - You can guarantee a fixed income for your life and your spouse's life simply by transferring cash or appreciated securities in exchange for a charitable gift annuity. A gift annuity offers two significant benefits: an immediate and substantial income tax charitable deduction, and favorably taxed income for life.
Charitable Remainder Trusts - You can fund a charitable remainder trust with cash or appreciated property and receive income from the assets for your lifetime, quality for charitable deductions, and save capital gains and estate taxes. Upon your death and/or that of a loved one, the trust assets would be distributed outright to Charlotte-Mecklenburg Senior Games.
Charitable Lead Trusts - Under this arrangement you transfer assets to a trust that makes payments to Charlotte-Mecklenburg Senior Games for a specific number of years, after which time the assets are transferred to your heirs. The charitable lead trust allows you to pass assets on to your children and grandchildren with little or no estate and gift taxes. It can make good sense for anyone in the top estate and gift tax brackets.
For further information contact your attorney, CPA, finacial advisor or Larry Huelsman (Treasurer) with Charlotte-Mecklenburg Senior Games at 704-716-2651.
If you are interested in donating please send your donations to:
Charlotte-Mecklenburg Senior Games, Inc. c/o Ways To Give 2225 Tyvola Road Charlotte, NC 28210